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2015 (10) TMI 2677 - AT - Income TaxDenying deduction u/s 80P(2)(a)(i) - whether the assessee bank neither fulfills the condition of Primary Agricultural Credit Society or Primary Cooperative Agricultural & Rural Development Bank nor does it functions as a Primary Agricultural Credit Society or Primary Cooperative Agricultural & Rural Development Bank but engaged in the activity as defined in Explanation 2 to Sub-section (4) of Section 80P? - Held that:- The department itself has allowed deduction U/s 80P(2)(a)(i) of the Act in A.Y. 2007-08, which has not been reopened U/s 148 and no order U/s 263 was passed by the department. The ld Dr had not brought on record any evidence that in preceding year, the Assessing Officer’s order in A.Y. 2007-08 had not been accepted by the department. By respectfully following the decision of Hon’ble Gujarat High Court in the case of CIT Vs. Jafari Momin Vikas Cooperative Credit Society Ltd.(2014 (2) TMI 28 - GUJARAT HIGH COURT ) on identical issue, we hold that the assessee is a cooperative society not a cooperative bank and is entitled for deduction U/s 80P(2)(a)(i) of the Act. Assessee’s appeal is allowed
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